Forex Today: The FX universe remains in waiting mode
|The US Dollar recouped part of the ground lost following Monday’s negative session along with a decent bounce in US yields, while expectations for a Fed rate cut in September and December remained in place among investors.
Here is what you need to know on Wednesday, June 26:
The USD Index (DXY) left behind Monday’s pullback and rose to the 105.80 region, accompanied by a humble rebound in US yields, while disappointing Consumer Confidence readings propped up rate-cut bets. On June 26, MBA will report on the usual weekly Mortgage Applications ahead of New Home Sales.
EUR/USD resumed its downward impulse and revisited the sub-1.0700 region against the backdrop of a decent move higher in the Greenback. Germany’s Consumer Confidence gauged by GfK will be unveiled on June 26 along with a speech by the ECB’s P. Lane.
GBP/USD alternated gains with losses after an unsuccessful attempt to surpass the 1.2700 barrier. The CBI Distributive Trades are only due on June 26 across the Channel.
USD/JPY traded just below the 160.00 level amidst persistent concerns surrounding the likelihood of FX intervention. The Japanese docket will be empty on June 26.
AUD/USD set aside Monday’s bull run and revisited the 0.6630–0.6640 band amidst the US Dollar’s gains. In Oz, Westpac’s Leading Index is due on June 26, prior to the RBA’s Monthly CPI Indicator and the speech by the RBA’s L. Kent.
WTI prices corrected slightly lower after hitting new monthly highs just below the $82.00 mark per barrel ahead of key US inventories data.
The stronger Dollar and higher US yields played against the continuation of Monday’s advance in Gold prices, which hovered around the $2,320 zone. Silver added to the ongoing weakness and dropped to multi-day lows, breaking below the key $29.00 mark per ounce.
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